Protalix BioTherapeutics Issues Statement Related to Silicon Valley Bank and Signature Bank

Rhea-AI Summary

Protalix BioTherapeutics (NYSE American:PLX) announced that it has no cash deposits or financial relationships with Silicon Valley Bank or Signature Bank, following their recent closures. The company maintains most of its cash in major U.S. banks and does not expect any operational impact from the banks' closure. Protalix monitors the situation regarding potential effects on partners and suppliers. The company is known for its recombinant therapeutic proteins produced via its ProCellEx® system, with FDA-approved products like taliglucerase alfa and several candidates in development targeting various diseases.

Positive

• Protalix has no cash or financial ties with Silicon Valley Bank or Signature Bank, reducing risk exposure.
• The company has a strong cash position with deposits in major U.S. banks.

Negative

• None.

CARMIEL, Israel, March 13, 2023 /PRNewswire/ -- Protalix BioTherapeutics, Inc. (NYSE American:PLX) (TASE:PLX), a biopharmaceutical company focused on the development, production and commercialization of recombinant therapeutic proteins produced by its proprietary ProCellEx^® plant cell based protein expression system, announced today that it does not hold cash deposits or securities at either Silicon Valley Bank or Signature Bank, nor does it have any credit facility or other financial relationship with either institution. The Company maintains a majority of its cash and short-term bank deposits in money center banks in the United States with the remainder deposited in a large financial institution in Israel. The Company does not expect the closure of Silicon Valley Bank or Signature Bank to have any impact on its operations. The Company intends to monitor the situation and any potential impact it may have on the Company's partners, suppliers or other relevant parties.

About Protalix BioTherapeutics, Inc.

Protalix is a biopharmaceutical company focused on the development and commercialization of recombinant therapeutic proteins expressed through its proprietary plant cell-based expression system, ProCellEx^®. Protalix was the first company to gain U.S. Food and Drug Administration (FDA) approval of a protein produced through plant cell-based in suspension expression system. Protalix's unique expression system represents a new method for developing recombinant proteins in an industrial-scale manner.

Protalix's first product manufactured by ProCellEx, taliglucerase alfa, was approved by the FDA in May 2012 and, subsequently, by the regulatory authorities of other countries. Protalix has licensed to Pfizer Inc. the worldwide development and commercialization rights for taliglucerase alfa, excluding Brazil, where Protalix retains full rights.

Protalix's development pipeline consists of proprietary versions of recombinant therapeutic proteins that target established pharmaceutical markets, including the following product candidates: pegunigalsidase alfa, a modified stabilized version of the recombinant human α–Galactosidase–A protein for the treatment of Fabry disease; PRX–115, a plant cell-expressed recombinant PEGylated uricase for the treatment of severe gout; PRX–119, a plant cell-expressed long action DNase I for the treatment of NETs-related diseases; and others. Protalix has partnered with Chiesi Farmaceutici S.p.A., both in the United States and outside the United States, for the development and commercialization of pegunigalsidase alfa.

Forward-Looking Statements

To the extent that statements in this press release are not strictly historical, all such statements are forward-looking, and are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. The terms "expect," "anticipate," "believe," "estimate," "project," "may," "plan," "will," "would," "should" and "intend," and other words or phrases of similar import are intended to identify forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current beliefs and expectations as to such future outcomes. Factors that might cause material differences include, among others: risks, if any, related to the impact on our commercial partners of the closure of Silicon Valley Bank or Signature Bank; risks related to any transactions we may effect in the public or private equity markets to raise capital to finance future research and development activities, general and administrative expenses and working capital; risks related to our ability to maintain and manage our relationship with our collaborators, distributors or partners; risks related to the amount and sufficiency of our cash, cash equivalents and short-term deposits; risks relating to our ability to make scheduled payments of the principal of, to pay interest on or to refinance our outstanding notes or any other indebtedness; our dependence on performance by third-party providers of services and supplies, including without limitation, clinical trial services; and other factors described in our filings with the U.S. Securities and Exchange Commission. The statements in this press release are valid only as of the date hereof and we disclaim any obligation to update this information, except as may be required by law.

Protalix Investor Contact
Chuck Padala, Managing Director
LifeSci Advisors
646-627-8390
chuck@lifesciadvisors.com

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SOURCE Protalix BioTherapeutics, Inc.

FAQ

What is the latest update from Protalix BioTherapeutics regarding financial institutions?

Protalix announced it has no cash deposits or financial relationships with Silicon Valley Bank or Signature Bank.

How does Protalix BioTherapeutics manage its cash reserves?

Protalix maintains a majority of its cash in major U.S. banks, with some in a large institution in Israel.

Will the closure of Silicon Valley Bank and Signature Bank affect Protalix BioTherapeutics?

Protalix does not expect the closures to impact its operations.

What products does Protalix BioTherapeutics develop?

Protalix develops recombinant therapeutic proteins, including taliglucerase alfa for Gaucher disease.